In September, non-oil domestic exports (NODX) contracted 4.5% over the same month last year, and were down to USD 15.0 billion. The reading came in below both the previous month's 3.9% increase (previously reported: +5.1% year-on-year) and market expectations, which had NODX expanding 3.5%. The decrease was fueled by a drop in exports of electronic products, which more than offset an increase in non-electronic products. On a geographical basis, exports to the United States and Taiwan plunged 35.5% (August: -23.1% year-on-year) and 18.9% respectively (August: -10.3% yoy) whilst exports to China decelerated as well. In contrast, despite of the debt crisis in the Eurozone, exports to the European Union improved. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as exports contracted 3.5% in seasonally adjusted terms, which contrasted a strong 7.3% expansion in August (previously reported: +8.3% month-on-month).
Singapore Trade Balance
Exports decline unexpectedly
October 17, 2011
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Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.